The rush to apply for a spot Bitcoin (BTC) exchange-traded fund (ETF) has rejuvenated the bulls, but this news is likely to boost the price only to a certain distance. As the price moves up, the risks of a crash increase if none of the ETF applications are approved. Trading firm QCP Capital is not convinced that a spot ETF will see the light of the day in the near term. Another point of view came from Gemini co-founder Cameron Winklevoss, who said on June 21 that the “floodgates” for accumulating Bitcoin are “closing fast.” Similarly, MicroStrategy Executive Chairman Michael Saylor said that the opportunity to “front-run institutional demand for Bitcoin” was ending.
Bitcoin remains the center of attraction as its market dominance has been hovering near 50%. K33 Research analysis found that over the long term, Bitcoin investment has far outperformed an altcoin portfolio by a huge margin. Altcoins had their share of short-term outperformance in 2017 and again in 2021 but that could not sustain in the long term.
Could Bitcoin and the altcoins rise above their respective overhead resistance levels? Let’s study the charts of the top-10 cryptocurrencies to find out. Bitcoin price analysis: Bitcoin is facing resistance at the overhead resistance of $31,000 but the bulls have not ceded ground to the bears. This enhances the prospects of a break above $31,000.
Ether (ETH) price analysis: Ether is attempting to resume its up-move. The bulls pushed the price above the overhead resistance of $1,928 on June 22 but could not sustain the higher levels. BNB (BNB) price analysis: BNB turned down from the 20-day EMA ($255) on June 22, indicating that the sentiment remains negative and traders are selling on rallies.
XRP price analysis: XRP’s recovery picked up momentum on June 22, and the bulls kicked the price above the 20-day EMA ($0.49). However, the long wick on the day’s candlestick shows that the bears are unlikely to give up easily. Cardano (ADA) price analysis: Cardano’s long wick on the June 22 candlestick suggests that the bears are selling the rallies to this level. Dogecoin (DOGE) price analysis: Dogecoin turned down sharply from the overhead resistance of $0.07 on June 22, indicating that the bears are guarding the level with vigor.
Solana (SOL) price analysis: The bulls pushed Solana above the 20-day EMA ($17) on June 21 but they could not sustain the higher levels. Sellers pulled the price back below the level on June 22. Polygon (MATIC) price analysis: The bulls pushed Polygon above the breakdown level of $0.69 on June 22 but the long wick on the candlestick shows that the bears are trying to protect the level. Litecoin (LTC) price analysis: The bears tried to make a comeback on June 21 and 22 by defending the 50-day SMA ($85) but the bulls kept up the buying pressure in Litecoin.
Polkadot (DOT) price analysis: The long wick on Polkadot’s June 21 and 22 candlestick shows that the bears tried to halt the recovery but the bulls were in the mood to relent.
Source: Cointelegraph
